Funds managed by AB CarVal, a global alternative investment manager and part of AllianceBernstein’s Private Alternatives business, in conjunction with North River Partners, have acquired a $340-million portfolio of 10 performing multifamily and single-family, build-to-rent construction loans in seven U.S. metro areas.

North River Partners, an existing partner of AB CarVal, will manage the portfolio, which consists of properties in various stages of construction. AB CarVal funded $98 million worth of construction loans with North River Partners in 2025, and this transaction extends that relationship into portfolio-level investing.

“This transaction expands our footprint in multifamily construction credit and demonstrates our ability to uncover attractive relative value opportunities across commercial real estate credit,” said Scott Greenfield, principal with AB CarVal. “We continue to leverage our flexible mandate and broad sourcing network to acquire what we believe to be high-quality assets that may generate compelling risk-adjusted returns for our investors.”

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